Bulgarian court declares Corpbank insolvent

April 22, 2015 9:25 AM

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SOFIA, April 22 (Reuters) - A Bulgarian court declared Corporate Commercial Bank (Corpbank) bankrupt on Wednesday, months after the central bank revoked its licence in the biggest banking crisis to hit the Balkan country since 1990s.

The court's decision sets Nov. 6 2014 as the date since when the country's fourth-largest lender has been insolvent. The court will now appoint a receiver at the lender that will collect and then sell the bank's assets and property in parts or as a whole enterprise to pay back its creditors.